Company type | Subsidiary |
---|---|
Industry | Hospitality Gaming |
Founded | 1946 |
Founder | Steve Wynn |
Headquarters | The Post Oak, Houston, Texas, United States |
Number of locations | 6 (+1 Under Construction) |
Area served | United States |
Parent | Landry's |
Website | www |
Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. It currently operates six casino resorts in Nevada, Louisiana, New Jersey, Illinois, and Mississippi.
The original location was the Golden Nugget Las Vegas which opened in 1946. [1] The company runs as a division of Landry's Hospitality within the Fertitta Entertainment portfolio.
The Golden Nugget Las Vegas opened in 1946 in Downtown Las Vegas. [1] Over time, notable members of the ownership group featured Jackie Gaughan and Steve Wynn. [2] Wynn later became the majority stakeholder in 1973, making him the youngest casino owner in Las Vegas. [3] Under Wynn, the casino brand expanded greatly. Once gaining the controlling sharehold, Wynn created Golden Nugget Companies Inc. The first hotel tower opened in 1977, which lead for the property to get awarded a four diamond rating from Mobil Travel Guide.
In 1980, the company opened the Golden Nugget Atlantic City (not to be confused with the current Golden Nugget Atlantic City) in New Jersey. The Las Vegas casino also expanded, with a second and third tower opened in 1984 and 1989, respectively, which included a showroom. The company's interest in Atlantic City did not last very long due to frustration with state gaming regulators, and in 1987, the property was sold to Bally's Entertainment, and eventually became Bally's Grand Hotel and Casino. In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada, and re-branded it as the Golden Nugget Laughlin.
The company expanded into the Las Vegas Strip in 1989, with the opening of The Mirage. [4] Following the completion, the company changed its name to Mirage Resorts. [5] Financing the $630 million project largely with high-yield bonds issued by Michael Milken. The resort's high cost and emphasis on luxury meant that it was considered high risk at the time, though the project ended up being enormously lucrative. The hotel, with its erupting volcano and South Seas theme, ignited a $12 billion building boom on the Strip. [4] Its construction is also considered noteworthy in that Wynn had set a new standard for Vegas resorts, and when it opened The Mirage was the first casino to use security cameras full-time on all table games. [6] Known for its entertainment, the hotel became the exclusive venue for the Siegfried & Roy show in 1990, and in 1993 the hotel hosted the Cirque du Soleil show Nouvelle Expérience . Afterwards Wynn decided to invite Cirque to create Mystère for the soon-to-be-built Treasure Island resort next door. [7] The company would later open other notable projects such as the Treasure Island Hotel and Casino and the Bellagio.
The company was acquired in 2000 by MGM Grand Inc., which then changed its name to MGM Mirage, for $6.4 billion, including $2 billion in assumed debt, after an initial all-cash offer of $17 per share and a final offer of $21 per share. The company was majority owned by Wynn. Although the Golden Nugget was profitable, it was not part of the master expansion plan of the corporation which was focused on consolidating a long stretch of the Strip, so MGM looked to sell the Golden Nugget.
Timothy Poster and Thomas Breitling, two young (mid-30s) entrepreneurs, formed Poster Financial Group as a private investment firm. When the company was founded, its initial investors included travelscape.com, an internet travel site. Tennis star Andre Agassi, a Las Vegas native, was also an investor.
Poster and Breitling had no casino ownership experience before acquiring the Golden Nugget. They faced some difficulty in obtaining the necessary casino licenses because of their friendship with Rick Rizzolo, a strip club owner being investigated by the FBI and because of Poster's uncle who was denied a gaming license because of his alleged association with known illegal bookmakers. The Nevada Gaming Control Board recommended that they be licensed for only one year. The board however, issued them four-year licenses, with an option to apply for permanent licenses in January 2005.
The Poster Financial Group's ownership encountered some difficulties. The television series received ratings below expectations and was canceled after one season. In addition, the strategy of attracting higher level casino players created significant volatility in the first year of operations.
In January 2004 the company acquired the Golden Nugget Las Vegas and the Golden Nugget Laughlin for approximately $215 million. When Poster and Breitling assumed control of the Golden Nugget, they began to upgrade the gambling operation, by installing new "cashless" slot machines and increasing the maximum bet at table games to $15,000. Their story became the basis for The Casino , a television series on Fox, which premiered on June 14, 2004.
On November 10, 2004 Barrick Gaming Corporation, which owns casino/hotels in downtown Las Vegas including The Plaza, The Vegas Club, The Western, and The Gold Spike, announced that it would acquire the Golden Nugget Laughlin for $31 million plus working capital. As part of the purchase agreement, Poster Financial granted Barrick a two-year limited use of the Golden Nugget brand name, after which Barrick will be required to change the name of the property.
On February 4, 2005, Houston based Landry's Restaurants, Inc., now a subsidiary of Fertitta Entertainment, agreed to purchase the Golden Nugget Las Vegas for $140 million in cash plus the assumption of $155 million of debt.
On May 31, 2005 the agreement for Barrick Gaming to acquire the Golden Nugget Laughlin expired without a final deal being reached. As a result, Landry's acquired the property as part of its agreement to purchase the Golden Nugget Las Vegas. There was no increase in the purchase price as a result of this change since the money from the sale would have been used to reduce the debt on the Las Vegas property; instead, Landry's assumed that debt as well. On September 27, 2005 Landry's completed the acquisition of Poster Financial for approximately $318 million.
In 2022, Golden Nugget announced the acquisition of the Wildwood Casino and Hotel in Cripple Creek, Colorado, with plans to rebrand it under the Golden Nugget brand. [8] The same year, the company broke ground on a casino in Danville, Illinois in a partnership deal with Wilmot Gaming. [9] The following year, Fertitta Entertainment agreed to buy the Hard Rock Hotel & Casino Lake Tahoe, with plans to convert it to a Golden Nugget. [10]
The Golden Nugget first launched its online casino in New Jersey. [13] It has since spun-off into its own publicly traded company with plans to expand. Golden Nugget's parent, Landry's, Inc., remains the largest stockholder of Golden Nugget Online.
The Toyota Center contains a Golden Nugget Club is a lounge and bar that bring the Golden Nugget theme to the arena. [14]
Mirage Resorts was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage.
Stephen Alan Wynn is an American real estate developer and art collector. He was known for his involvement in the luxury casino and hotel industry, prior to being forced to step down. Early in his career he oversaw the construction and operation of several notable Las Vegas and Atlantic City hotels, including the Golden Nugget, the Golden Nugget Atlantic City, The Mirage, Treasure Island, the Bellagio, and Beau Rivage in Mississippi, and he played a pivotal role in the resurgence and expansion of the Las Vegas Strip in the 1990s. In 2000, Wynn sold his company, Mirage Resorts, to MGM Grand Inc., resulting in the formation of MGM Mirage. Wynn later took his company Wynn Resorts public in an initial public offering and was Wynn Resorts' CEO and Chairman of the Board until February 6, 2018, when he announced his resignation. He is a prominent donor to the Republican Party and was the finance chair of the Republican National Committee from January 2017 to January 2018, when he resigned amid sexual misconduct allegations.
The Mirage is a casino resort on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by Hard Rock International. The 65-acre property includes a 90,548 sq ft (8,412.2 m2) casino and 3,044 rooms.
The Golden Nugget Las Vegas is a luxury hotel and casino located in downtown Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's, Inc. It has 2,419 hotel rooms.
The Golden Nugget Laughlin is a hotel and casino located on the banks of the Colorado River in Laughlin, Nevada. It is owned and operated by Landry's, Inc. It offers a number of restaurants, 300 guest rooms and suites, a casino floor, and meeting spaces. The Golden Nugget offers water taxi service from Bullhead City, Arizona, on the opposite side of the river.
Golden Nugget may refer to:
Landry's, Inc., is an American, privately owned, multi-brand dining, hospitality, entertainment, and gaming corporation headquartered in Houston, Texas. Landry's, Inc. owns and operates more than 600 restaurants, hotels, casinos, and entertainment destinations in 35 U.S. states and the District of Columbia. The company also owns and operates numerous international locations. The company is owned by President & CEO Tilman Fertitta.
Barrick Gaming Corporation is a private company that was founded by D.W. Barrick and Stephen Crystal. The company formerly operated several hotels and casinos in Las Vegas, Nevada. The company is currently based in Las Vegas.
Golden Nugget Lake Tahoe Hotel & Casino is a casino hotel in Stateline, Nevada. It is one of four major casino hotels in Stateline. Horizon Lake Tahoe closed on April 1, 2014, to begin a $60 million renovation and rebranding as Hard Rock Lake Tahoe, which held its grand opening on January 28, 2015. It has 539 hotel rooms and 22,750 square feet (2,114 m2) of gaming space, with 431 slot machines, 33 table games and a William Hill race and sports book.
Golden Entertainment is an American gaming company based in Enterprise, Nevada that operates casinos, taverns and slot routes. It was formed in 2015 by the merger of Golden Gaming and Lakes Entertainment. It is the largest tavern operator and largest slot route operator in Nevada. In October 2017, the company completed an $850 million acquisition of American Casino & Entertainment Properties. The company now has eight casino resorts, all located in Southern Nevada.
Thomas Breitling is an American entrepreneur.
Tilman Joseph Fertitta is an American billionaire businessman and television personality. He is the chairman, CEO, and owner of Landry's, Inc. He also owns the National Basketball Association (NBA)'s Houston Rockets. Fertitta is chairman of the board of regents of the University of Houston System.
Joel Bergman was an American architect who has designed several landmark casinos.
The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip casinos and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.
The Gaming Hall of Fame was established in 1989 to recognize individuals who have played a significant role in the gaming-entertainment industry.
Golden Nugget Lake Charles is a 242-acre waterfront casino resort in Lake Charles, Louisiana, United States, owned and operated by Houston-based Landry's, Inc. The resort features 1038 guest rooms and suites housed in a 22-story tower, an 18-hole golf course, 30,000 square feet of meeting space, more than a dozen dining and bar options, a private beach, marina, spa & salon, retail corridor and expansive 24-hour casino floor.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
Fertitta Entertainment Inc. is a conglomerate and holding company that holds companies and investments owned by Tilman Fertitta. These include Landry's, Inc., the Houston Rockets, and the Golden Nugget casinos. Within the portfolio are many luxury hotels and well known restaurant brands such as Rainforest Café, Del Frisco's, Bubba Gump Shrimp Company, Morton's The Steakhouse, among others. Additionally, the company is the largest shareholder of food delivery app ASAP.
Tim Poster is an American entrepreneur best known for the travel and leisure startup called Travelscape which was sold for over $89,000,000 in 2000, and at one time owning the Golden Nugget Las Vegas before selling to Landry's Inc. for $140,000,000.